Electronic Funds Transfer (EFT) by ACH. Direct Debits, Direct Credits, Direct Deposit.

Why EFT ?

Ask yourself: Would you send a letter or even only a fax if you could use email ?
With payments it is just the same. If you want to improve your payment processing, the answer is

Electronic Funds Transfer.

Checks, wire transfers - even cash: Any payment method that requires physical handling or manual attention is troublesome and costly. EFT will reduce administrative costs in many ways:

Automation
EFT transactions can be processed, managed, stored and tracked electronically - and we all now that this can't be wrong.
Customer account retention
If a customer has to write a check every month, he might some day quit from your service. If everything runs automatically, customers are much more sticky to their subscribtions.
Processing Costs
The calculated costs for physically mailing a check are typically at least 1.00 USD (plus billing costs). EFT can save 50-90% of that because it has as few parties involved as possible. No credit card organisation is in between, that wants it's share.
Flexibility of amounts
Let's say you run a mail-order company and someone prepaid you with a check. You're ready to ship but the amount paid is too low, too high or the goods are unavailable. So, you will have to deal with additional payments or refunds. All this can be prevented - with EFT.
Accuracy
Manual processing always bears the risk of human error that leads to undeliverable checks, wrong amounts, bounced or misdirected transfers. If you eg. state an erronous memo with you payment, it could just be asigned wrongly. All this is followed by costly and unpleasant troubleshooting.
Time
think about the time you and your customers spend for writing checks and filling transfer forms. With ANYPAY, you and your customers can save most of this time.
Security
Checks can be faked, stolen, lost, destroyed or altered. EFT transactions not.
Tracking (1)
Mailed payments (unless registred) can't be tracked. With EFT you can always proof you made one payment. Processing of returned payments is also easier: Each transfer contains our unique transaction ID, which enables you to take the next steps (notifying the customer, requesting re-payment) easy and fast.
Tracking (2)
Each EFT transaction can be matched with one transaction in your own system (eg. an order). Events on the payment side (eg.arrival of payment) can now be connected automatically with actions on your processing side (eg. shipping the order).

	Electronic Funds Transfers

EFT Overview What is EFT ? How it works What it costs How to set up EFT > Why EFT ? Why ANYPAY ? General info Glossary	Why EFT ? Ask yourself: Would you send a letter or even only a fax if you could use email ? With payments it is just the same. If you want to improve your payment processing, the answer is Electronic Funds Transfer. Checks, wire transfers - even cash: Any payment method that requires physical handling or manual attention is troublesome and costly. EFT will reduce administrative costs in many ways: Automation EFT transactions can be processed, managed, stored and tracked electronically - and we all now that this can't be wrong. Customer account retention If a customer has to write a check every month, he might some day quit from your service. If everything runs automatically, customers are much more sticky to their subscribtions. Processing Costs The calculated costs for physically mailing a check are typically at least 1.00 USD (plus billing costs). EFT can save 50-90% of that because it has as few parties involved as possible. No credit card organisation is in between, that wants it's share. Flexibility of amounts Let's say you run a mail-order company and someone prepaid you with a check. You're ready to ship but the amount paid is too low, too high or the goods are unavailable. So, you will have to deal with additional payments or refunds. All this can be prevented - with EFT. Accuracy Manual processing always bears the risk of human error that leads to undeliverable checks, wrong amounts, bounced or misdirected transfers. If you eg. state an erronous memo with you payment, it could just be asigned wrongly. All this is followed by costly and unpleasant troubleshooting. Time think about the time you and your customers spend for writing checks and filling transfer forms. With ANYPAY, you and your customers can save most of this time. Security Checks can be faked, stolen, lost, destroyed or altered. EFT transactions not. Tracking (1) Mailed payments (unless registred) can't be tracked. With EFT you can always proof you made one payment. Processing of returned payments is also easier: Each transfer contains our unique transaction ID, which enables you to take the next steps (notifying the customer, requesting re-payment) easy and fast. Tracking (2) Each EFT transaction can be matched with one transaction in your own system (eg. an order). Events on the payment side (eg.arrival of payment) can now be connected automatically with actions on your processing side (eg. shipping the order). Not convinced yet ? here's some neutral info: USA: www.directdeposit.org UK: www.directdebit.co.uk www.directcredit.co.uk Next: Advantages of the ANYPAY EFT solution Sign up now for free - it's easier to explore than to explain ;-).